This investigation is motivated by increasing interest in diamond and composite films for applications in biomedical and electronic devices. A biomimetic strategy is based on the use of commercial bile acids, such as ursodeoxycholic acid (UDCA) and hyodeoxycholic acid (HDCA). Composite films are developed using UDCA and HDCA as solubilizing agents for poly(ethyl methacrylate) (PEMA) in isopropanol and as dispersing agents for micro- and nanodiamonds. In this approach, the use of traditional toxic solvents for PEMA dissolution is avoided. The ability to obtain high concentrations of high molecular mass PEMA and disperse diamond particles in such solutions is a key factor for the development of a dip-coating method. The PEMA dissolution and diamond dispersion mechanisms are discussed. The composition and microstructure of the films can be varied by variation of the diamond particle size and concentration in the suspensions. The films can be obtained as singular layers of different compositions, multilayers of similar composition, or alternating layers of different compositions. The films combine corrosion protection property and biocompatibility of PEMA with advanced functional properties of diamonds.